Jan. 7, 2014
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President Obama and Janet Yellen / JEWEL SAMAD, AFP/Getty Images

by David Jackson, USA TODAY

by David Jackson, USA TODAY

President Obama is hailing the confirmation of Janet Yellen as the new Federal Reserve chair.

"The American people will have a fierce champion who understands that the ultimate goal of economic and financial policy making is to improve the lives, jobs and standard of living of American workers and their families," Obama said in a statement.

Yellen is the first woman to lead the Fed, and replaces Ben Bernanke; the Senate confirmed her nomination on Monday.

In his statement, Obama said:

"As one of our nation's most respected economists and a leading voice at the Fed for more than a decade -- and Vice Chair for the past three years --Janet helped pull our economy out of recession and put us on the path of steady growth.

"Janet is committed to the Fed's dual mandate of keeping inflation in check while also addressing our most important economic challenge by reducing unemployment and creating jobs.

"And she understands that fostering a stable financial system will help the overall economy and protect consumers. I am confident that Janet will stand up for American workers, protect consumers, foster the stability of our financial system, and help keep our economy growing for years to come."